Inflation Colombia 2023
Average inflation: 11.8%
Current Inflation
Inflation is very high at 11.8%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 13.3%. The lowest inflation was in December at 9.3%.
- Highest month
- January: 13.3%
- Lowest month
- December: 9.3%
- Difference
- 4.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 16.9%. The lowest price increase was in Communication with an average of 0.3%.
- Highest increase
- Transport: 16.9%
- Lowest increase
- Communication: 0.3%
Historical Context
Current inflation is 5.5% higher than the 5-year average of 6.3%. This approaches the highest level since records began (11.8% in 2023).
- 5-year average
- 6.3%
- 10-year average
- 5.4%
- All-time high (2023)
- 11.8%
- All-time low (2013)
- 2%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by +1.7 percentage point.
- Change vs. previous year
- +1.7 percentage points
- Largest monthly swing
- January: +6.4 percentage points
ECB Target
Inflation is 9.8% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €111.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 13.3% | +6.4 |
| February | 13.3% | +5.3 |
| March | 13.3% | +4.8 |
| April | 12.8% | +3.6 |
| May | 12.4% | +3.3 |
| June | 12.1% | +2.4 |
| July | 11.8% | +1.6 |
| August | 11.4% | +0.6 |
| September | 11.0% | -0.4 |
| October | 10.5% | -1.7 |
| November | 10.1% | -2.4 |
| December | 9.3% | -3.8 |
| Average | 11.8% |
Data source
Data from OECD. Last updated: 11/01/2026.